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Poland: PKP Intercity on WIG20

August 2007.

PKP Intercity (PKP IC) state-owned railway company will be transformed into stock company this year. The company should be listed in the first quarter of 2009 according to government plans. PKP IC shares may be divided into three groups, Railway Market-CEE Review reports.

Two series would be listed. The first one, worth PLN 400m (EUR 106m), would be collected by the state to pay back the debts. The second issue worth PLN 400-500m would go to PKP IC. The third stake would be left in the government’s hands. It couldn’t be sold immediately on the stock exchange.

The management has recently revised the forecast up after the company had met full-year’s plans in the first half of the year. Today, the company plans to raise PLN 55m of net income against PLN 30m planned before.

The size of the company and the value of planned issues suggest that PKP IC may become WIG20 index member.

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